Introducing the winners of the LUXHUB Open Banking Challenge (Game of Code 2020)
The 2020 Game of Code took place over the weekend and we are now able to announce the Open Banking Challenge winners.
The weekend was filled with out of the box ideas, incredible energy and fantastic teams who managed to bring to life innovative and beneficial apps for the financial ecosystem based on the LUXHUB One API. A huge congratulations to the winning teams!
1st Place: Shoebox.lu
Shoebox.lu digitizes the process of exchanging data between accountants and their clients. They enable small companies to never forget an invoice and prepare their financials so that the accountant won't need to ask for additional documentation, saving many hours and headaches.Every small business owner knows the pain of bookkeeping. Not only do you need to keep all the invoices and receipts, but you also must communicate them to your accountant.
Shoebox.lu aims to digitize not only the exchange process of documents relative to bookkeeping, but we also want to help both parties to earn back time as well in the process. Reducing the potential for errors and omissions is another of our goals. In the medium-term, Shoebox.lu could offer the solution to service providers in the accounting space on a subscription basis.
2nd Place: Divizend Maximizer
Divizend Maximizer is using an intuitive frontend to automate the reclaimation of foreign withholding taxes and making the process easier than ever before.
If you own stocks from a foreign company, the dividends you receive are normally taxed twice: first in the foreign country using the so-called withholding tax (e.g. 35% in Switzerland, up to 30% in the US, 27.5% in Austria), and then in your home country with the regular income tax. Yet, you can apply for a refund of the withholding tax in the foreign country.
Divizend is planning to build a new cloud-based multi-tax workflow system based on the new PSD2 and open banking APIs, and the LUXHUB One API was an excellent starting point for this.
Connecting bank accounts is an important prerequisite for the convenience of this platform, as adding all transactions and received dividends manually is unnecessarily laborious for any user. At the same time, Divizend continuously pays attention to efficient and intuitive user experience as well as very low costs through full process automation.
In the future, Divizend Maximizer will be a framework for the refund process, comparable to standard software from SAP.
3rd Place: If This Then TPP
If This then TPP is an intuitive TPP platform allowing you to automate actions based on conditional events in your bank accounts' activities: sending an email, a SMS, or make a fully configurable HTTP call to a service of your choice. Automate your business, optimize your processes!
The app enabless users, companies, businesses to automate various actions in response of condition triggers happening in their bank accounts.
With the help of the LUXHUB One, IFTTTPP can aggregate multiple accounts and all the condition triggers in one place only.